Meet THR's Next Gen 2011 Class; Ryan Seacrest, Reese Witherspoon Team for Romantic Comedy; AFM: Sony Nabs Jack Black's 'Bailout'; Inside Taylor Lautner's Movie Makeover; Earnings Reports Round-Up; 'Hell on Wheels' Review

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TOP STORIES Next Gen 2011: Hollywood's Fastest-Rising Stars Get your coffee? Get it yourself. Meet THR's 18th annual 35 under 35, the industry's next big superstars poised to lead a town's uncertain future. EXCLUSIVE: Ryan Seacrest to Make Film Producing Debut With Reese Witherspoon The romantic comedy is being penned by "Grey's Anatomy" scribe Krista Vernoff. AFM 2011: Sony Picks Up Michael Winterbottom¹s 'Bailout' Starring Jack Black Sony Pictures Worldwide Acquisitions takes multiple territories, including North America, South America and Scandinavia for the comedy. ANALYSIS: From 'Abduction' to Art House: Inside Taylor Lautner's Movie Makeover After his action vehicle disappoints at the box office, the "Twilight" actor refashions himself with a Gus Van Sant drama. Conglomerates' Earnings Reports: Round-Up News Corp. posts strong earnings in a politically tumultuous quarter, Time Warner beats Wall Street expectations with stronger third-quarter results, NBCUniversal posts mixed third-quarter financials, and Sony announces more losses and forecasts red ink for the year. TV REVIEW: 'Hell on Wheels' The series, which stars Anson Mount, Common, Colm Meaney and Lily Bell, is set post-Civil War and centers on the building of the transcontinental railroad. Greg Silverman Re-Ups With Warner Bros. The studio's president of production will continue in his post for another three years. EXCLUSIVE: DreamWorks' Jeffrey Katzenberg Considers Bold Expansion Enlisting the help of veteran distribution executive Chuck Viane, the CEO mulls whether to become a distributor and handle outside titles in addition to DWA toons. MOVIES EXCLUSIVE: Warner Bros. Readying 'Clash of the Titans 3' Dan Mazeau and David Leslie Johnson have been enlisted to write a third installment in the series based on the adventures of Perseus. 'Once' Director Helming Steve Carell in 'Dogs of Babel' The movie will be the Irish filmmaker's biggest project to date. Will Ferrell Comedy 'Casa de mi Padre' Picked Up By Pantelion Films The Spanish-language film will get a March 16 release. AFM 2011: Jason Statham and IM Global Team on 'Hummingbird' IM Global will shop the $20 million project to buyers at the American Film Market. Danny McBride Comedy 'Bullies' Lands Hotshot Commercial Director Randy Krallman will make his feature directorial debut on the Mandate Pictures film. TV 'Transporter' TV Shoot Likely on Hold Until Early 2012 After Star's On-Set Injury Producers on the cursed Cinemax action drama will decide next week when to resume production while doctors reassess Chris Vance's condition. It's Official (Again): FCC Arbitrarily Punished CBS For Janet Jackson 'Wardrobe Malfunction' Remanded from the U.S. Supreme Court, an appeals court once again overturns the FCC's decision to fine CBS for Janet Jackson's performance at the Super Bowl XXXVIII halftime show. 'The X Factor' Renewed for Second Season Fox has given the go-ahead on the Simon Cowell reality competition series. Paley Center TV Awards Show Stalls The potential Primetime Emmy rival struggles to find a broadcast home for 2012, as CEO Pat Mitchell continues to pursue partnerships. EXCLUSIVE: MTV Nabs Latina Comedy From Jennifer Lopez "Work It" scribe Grace Parra will pen the script about an NYU grad who is forced to move back to Texas with her eccentric Mexican family.

THE BUSINESS AOL Swings to Third-Quarter Loss The online company, led by CEO Tim Armstrong, has focused on turning around its financials and lauded its lowest revenue decline in five years driven by its second consecutive quarter of global ad growth. RealD Shares Hammered Again Despite Posting Strong Quarterly Profit The company misses slightly on the top line and discloses that a deal for 3D televisions has fallen through. Comcast CEO: Telemundo Soccer World Cup Rights Deal 'Should Be Profitable' "We will cover and cross-promote games and events across our various channels on broadcast and cable, as well as online, wireless and on-demand," Brian Roberts said. BET Sued Over 'Rogue' Telecast of African American Music Festival TV One says in a lawsuit that it was undercut in the marketplace when its cable competitors violated its exclusive rights and aired performances by Janet Jackson, Alicia Keys, and Mary J. Blige. EXCLUSIVE: Tyler Perry's Upcoming Alex Cross Movie Erupts Into Legal Fight Producer QED sues another set of producers saying they have no right to credit or compensation from the upcoming Summit crime drama featuring James Patterson's icon character. Q&A: MTV Networks Exec Explains How MovieTracker Quantifies Social Buzz Around Films New addition to NextMovie.com tracks and quantifies social buzz on Hollywood films in production and in theaters.

STYLE Reese Witherspoon Will Stop Carrying Chloe Python Bag, Says PETA The actress is forsaking the snake -- illegal in the state of California -- after being noted by the animal rights organization. Blake Lively: The Real Reason She Shaped Up With Ryan Reynolds' Trainer The "Gossip Girl" actress' workouts weren't just about stunt training, she was also understandably motivated by a daunting 2010 Vogue fashion shoot involving a skimpy white bikini. EXCLUSIVE PHOTOS: Inside Simon Cowell's Luxurious 'X Factor' Trailer "It's like 'Pimp My Trailer,'" Cowell says of his new digs on the set of the Fox series.

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